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On May 22, 2009, President Barack Obama passed the “Credit Card holders’ Bill of Rights.” This milestone measure received bipartisan support in both chambers and will make credit card issuers display fees more clearly and end many random abuses. This bill takes full effect on February 2010.

Once the bill is effective, credit cardholders should experience a more consumer-friendly experience when the credit card industry is required to play by clear and fairer rules.

The Credit Cardholders’ Bill of Rights will help credit card users by:

Most credit card lenders charge anywhere from 0 to 20% in interest (APR). I’ve seen some particularly creepy banks that charge as much as 35%! Most people do not realize that you can negotiate with your credit card company for a lower rate, especially if you’ve had any of your credit cards for a long time.

All you need to do is to call them up to insist on a lower rate. Shoot for 9% to 15%. You’ll be surprised at how easy it is to save yourself a lot of money.

Some lenders do not report consumer credit limits. Instead they will only post the highest balance you have ever carried. Keeping proper credit limit information out of your file is not always an innocent oversight. It’s often done purposely by a lender to make you look less attractive to their competitors, so they won’t send you pre-approved offers. Worst of all, it lowers your credit score!

Cash for clunker automobiles has seemed to give a boost to the auto industry. Now the Feds are encouraging people to replace your old appliances.

A $300 million cash-for-clunkers-type federal program to boost sales of energy-efficient home appliances provides a glimmer of hope for struggling makers of washing machines and dishwashers, but it's probably not enough to lift companies such as Whirlpool and Electrolux out of the worst down cycle in the sector's history.

The use your credit score is no longer limited to banks and creditors making loan decisions or determining the terms and interest rate you will be charged on a loan. More often, credit scores are being used by a vaiety of of businesses including merchants, utility companies, phone companies, insurance companies, landlords, and even employers.